Deutsche Bank Downgrades Marvell Technology (MRVL) to Hold
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Deutsche Bank downgrades Marvell Technology (Nasdaq: MRVL) from Buy to Hold and maintains its $13 price target, citing valuation.
The firm said, "although we view MRVL as a core long-term holding, we believe further stock outperformance is likely to be limited given the YTD ~+75% absolute gain and the ~+30% gain since our initiation earlier this year. We expect the positive impacts from inventory replenishments and co specific cost cuts to be fully priced-in by the end of F2Q and expect the stock to perform in-line with the broader market in the near-term."
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